Financial transition: BDL prepares for dollar transactions via the Bloomberg platform

News Bulletin Reports
2023-09-11 | 10:33
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Financial transition: BDL prepares for dollar transactions via the Bloomberg platform
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Financial transition: BDL prepares for dollar transactions via the Bloomberg platform

Sources within the Banque du Liban (BDL) have confirmed that the transition to conducting transactions in dollars through the Bloomberg platform will be seamless and straightforward.

Acting BDL Governor Wassim Mansouri, who has thus far managed to prevent the dollar's exchange rate from spiraling at this stage, will maintain control as Bloomberg integration begins. Any reports of exorbitant dollar prices are dismissed as baseless speculation.

The sources revealed that the BDL has initiated negotiations with Bloomberg, and upon finalizing the agreement, registration will commence for banks and financial institutions interested in utilizing this platform.

Notably, the BDL will not incur any costs related to Bloomberg integration. Existing agreements with Bloomberg will remain in place, allowing banks to fulfill their financial obligations to the agency.

Financial institutions, particularly licensed currency exchange businesses and those in the top tier will be required to establish dedicated departments responsible for verifying the sources of funds used in transactions via the Bloomberg platform. This move is part of the country's ongoing efforts to combat money laundering.

Firms failing to establish these departments will not be permitted access until the BDL drafts a circular to address this requirement.

In preparation for this transition, a Bloomberg team is set to arrive in Lebanon to train those interested in working with the platform, instructing them on how to trade foreign currency rates. The full implementation of the platform is expected to take over two months.

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